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Annabel
Level 1

Claiming for previously bought business computer

Hi,

I have just registered as a Sole trader as well as voluntarily for VAT.

However, I purchased a computer for the business several months before officially setting things up, and from my personal rather than business account.

Can I still claim this as a tangible asset and/or claim the VAT back?  

As you can see, I'm new to this and at the very beginning of my self-employed journey!

Many thanks,

Annabel

10 REPLIES 10
JamesC
QuickBooks Team

Claiming for previously bought business computer

Hi Annabel,

 

Thanks for joining us on the UK Community Page for QuickBooks Online.

 

While we can support you in many of your questions, this is one that you potentially need to speak to your accountant about; as it's less of a "how do i do it on QB?" question, and more of a "am i allowed to do this?" question.

 

HMRC may also be able to give you the answer to this question, if they say you can claim this back then we can tell you about the functions on QuickBooks to record this asset, and how to record the transaction.

 

We also have a number of Accountant Users and Community Hosts which may be able to give you some more information on the Business Compliance with HMRC side of things, I'll tag them below to get their attention for you.

 

@Jess W @EmilyMockett

EmilyMockett
Level 7

Claiming for previously bought business computer

Hi Annabel,

 

Welcome to the community! 

 

You can indeed claim back the VAT on the computer you purchased. You can claim back any goods as far back as 4 years that are business related and providing you still own them (for services this is 6 months). 

 

I would advise that you put an expense into QuickBooks and attach the receipt/invoice if you still have a copy against this expense. Date this for the first day you started trading as a sole trader.

 

Do you currently have an accountant/bookkeeper to help you along the way? 

 

Kind Regards,

 

Emily Mockett

Jess W
Intuit

Claiming for previously bought business computer

Hi, @Annabel!

 

Welcome to the U.K QB Community!

 

It's great to have you here. I totally know the feeling of being new to the self-employment world. Things can be a little overwhelming and sometimes, very confusing! But know you're not alone in this. Also, no question is a silly question in the Community.

 

This might be useful to have a read of: -  https://www.gov.uk/vat-registration/purchases-made-before-registration

 

Thank you, also @EmilyMockett! You're great!

 

 

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EmilyMockett
Level 7

Claiming for previously bought business computer

I beat you to it Jessica! 

Jess W
Intuit

Claiming for previously bought business computer

Awesome job, @EmilyMockettSmiley Very Happy

JamesC
QuickBooks Team

Claiming for previously bought business computer

Hats off to the pair of you! #Winners

Jess W
Intuit

Claiming for previously bought business computer

Thanks, @JamesCSmiley Very Happy


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Jess W
Intuit

Claiming for previously bought business computer

Hi, @Annabel Smiley Happy

 

I hope you had a good weekend!

 

I just wanted to check that you reached these comments and they provided some good insights for you? Smiley Very Happy


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Handlez
Level 2

Claiming for previously bought business computer

Hi Emily. I actually had the same question as Annabel, except I'm not VAT registered. I've recently gone self employed but purchased my computer a few months back. I joined Quickbooks Self Employed today and connected my bank account, found the transaction to Apple for my new computer back in July and marked it as 'other business expenses'. But reading your advise here should I manually enter this as a new transaction, attach the receipt and enter the date as the 5th October (the date I became self employed)? Thanks!

GlinetteC
Moderator

Claiming for previously bought business computer

I appreciate you joining this thread, Handlez.

 

I want to make sure your concern is properly addressed. For Self-Employed, transactions you download from the bank or manually entered in the system must be categorised. You can check the categorise transactions in QuickBooks Self-Employed to learn more details about this.

 

Also, I would suggest reaching out to your accountant to ensure what would be the best course of action in dealing with this type of situation to avoid messing up your books. You can visit our Find an Accountant website to keep your books accurate and up-to-date.

 

I am also adding some links related to categorization and adding transactions in QBSE:

 

Keep me posted if you have any other related to categories in QBSE. I'm always here to help.

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